Carrying a credit card balance can be as financially draining as a severe wound. The first step to tackling this issue is to stop the interest charges. There is a straightforward and effective way to do this, leveraging bank promotions to your advantage: find a card offering a long “0% introductory APR balance transfer” promotional period and transfer your balance to it. These cards allow new customers an extended period (often up to 18 months) during which no interest is charged on transferred balances. We continually track the best cards in the market to find those offering the longest 0% introductory periods.
Key Points
Consider this: on a $10,000 balance, $150 of a $200 monthly payment typically goes towards interest charges. Only $50 reduces your principal balance, while the rest vanishes into the bank’s pockets. By using our reviews to find a card with the longest no-interest period and low or no fees, you can stop the financial bleeding and move on to the next step.
Step 1: Stop the Interest Charges
To immediately stop paying interest on your balance, transfer it to a card with a long 0% introductory APR period. This allows you to focus on paying down the principal without the burden of interest.
Step 2: Pay Down Your Balance During the 0% Period
Once you’ve transferred your balance and halted the interest charges, use the interest-free period to aggressively pay down your debt. For example, if you transferred a $10,000 balance to a card like the Chase Slate (which offers 15 months of 0% introductory APR with no transfer fee) and continued making the same $200 monthly payment, you would see significant progress in reducing your balance.
Top 0% Intro APR Balance Transfer Cards
The No Transfer-Fee Card: Chase Slate®
Chase Slate® is a top-rated balance transfer card. It charges no fee for transferring your balance within the first two months, has no annual fee, and offers a 15-month 0% introductory APR period on transferred balances. This makes it an excellent tool for gaining control of your credit card debt, allowing you to make a costless balance transfer and use the 15-month interest grace period to pay down your balance.
Verdict: If you don’t need the full 18 months offered by other cards, this card’s no-transfer fee makes it highly effective. With no transfer fee and no annual fee, combined with the 0% introductory APR, it’s essentially free money for the 15-month term.
Best For: Those who need a no-fee way to stop paying interest and possibly pay off their balance during the interest-free period. Suitable for those with good, rather than excellent, credit.
Least Suitable For: Those who pay off their balances every month would benefit more from a high-reward card.
Recommended Credit: Good. The Chase card has the most lenient credit requirements among top balance transfer cards.
The Ultra-Long 0% Intro APR Card: BankAmericard® Credit Card
BankAmericard® Credit Card offers an incredible 18-month 0% APR introductory period. If you transfer your balance today, you won’t pay interest until well into the next year. The card charges a 3% balance transfer fee but can help you avoid paying any interest on your credit card balances for a long period.
Verdict: Getting such a long interest-free period is amazing. If you have a substantial balance and know you’ll need time to pay it down, this card is a no-brainer. For example, a $10,000 balance at an 18% rate would cost $3,098 in interest over 18 months. Switching to this card would cost $300 in fees, saving you $2,798.
Best For: Those with large balances who need as much interest-free time as possible to pay down their debt.
Least Suitable For: Those who pay off their balances every month.
Credit Required: Good to Excellent.
The Card with Long 0% Intro APR and Cash Rewards: Chase Freedom Unlimited®
Pros: Chase Freedom Unlimited® is an enhanced version of the old Freedom card. It offers a leading 1.5% cashback rate on all spending with no limit or category restrictions. New cardholders can also earn a $150 cash bonus by spending $500
within the first three months. Additionally, Chase offers a 15-month 0% introductory APR on purchases, allowing you to make new charges without paying interest during this period. The card requires good credit, making it accessible to many consumers.
Cons: It charges a 5% balance transfer fee, which is higher than some other cards. Therefore, it’s more suited as a cashback card rather than a balance transfer card.
Verdict: This is one of the strongest cards available for those with good (but not perfect) credit. It combines high cashback rates with a solid 15-month 0% introductory APR on purchases, plus a $150 cash bonus for new cardholders.
Best For: Those with good credit looking for a daily use card that offers great cashback rewards and a 0% introductory APR on purchases. Ideal for new charges.
Least Suitable For: Balance transfers, as it charges a high transfer fee and offers no longer term than the Slate card, which has no transfer fee.
Credit Required: Good to Excellent.
Another View: A Powerful Method from Personal Finance Experts
The steps outlined here are recommended by top personal finance experts to help you become credit card debt-free:
- Find the Right Balance Transfer Card: Look for a card with the longest 0% introductory APR period and low or no fees.
- Transfer Your Balance: Move your balance to the new card to stop paying interest.
- Pay Aggressively During the 0% Period: Use the interest-free period to pay down your principal as quickly as possible.
- Avoid New Debt: Focus on paying off your transferred balance without adding new debt.
By following these steps, you can stop paying high interest on your credit card balance and start making real progress toward becoming debt-free. Always stay informed and choose the best financial tools to manage your credit card debt effectively.
Conclusion
Tackling credit card debt requires a strategic approach. By leveraging balance transfer cards with 0% introductory APR periods, you can halt the accumulation of interest and make significant strides in reducing your debt. Whether you choose the Chase Slate® for its no-transfer fee advantage, the BankAmericard® Credit Card for its ultra-long interest-free period, or the Chase Freedom Unlimited® for its high cashback rewards, the key is to act quickly and wisely. Avoid new debt, pay aggressively during the interest-free period, and stay informed about the best financial tools available. This strategy, recommended by top personal finance experts, can help you achieve financial freedom and peace of mind.
